Private equity firm Permira is in advanced talks with China’s HongShan Capital Group (HSG) to sell Italian luxury sneaker maker Golden Goose at a valuation of over 2.5 billion euros ($3 billion), two sources close to the matter said on Wednesday, confirming Italian newspapers’ reports.
Golden Goose is known for its luxury sneakers – goldengoose.com
HSG and Permina declined to comment. Private equity firm HSG, formerly known as Sequoia Capital China, invests globally in the technology, healthcare, and consumer sectors. It established an office in London last year to tap into late-stage and buyout deal opportunities in Europe.
Golden Goose, which sells sneakers for more than 500 euros a pair, has undergone multiple leveraged buyouts by private equity firms in the last decade, with investors attracted by its rapid growth. It was valued at 1.3 billion euros when it was acquired by private equity firm Permira in 2020.
Last year the Venice-based company shelved plans for an initial public offering on the Milan Bourse, citing market volatility caused by political uncertainty in Europe. Golden Goose’s revenues totalled 655 million euros in 2024, with an adjusted core profit (EBITDA) of 227 million euros.
Earlier this year Blue Pool, a Hong Kong-based investment firm backed by Alibaba co-founder Joe Tsai, bought a 12% stake in the company.
WHP Global announced on Tuesday a new licensing partnership with Pure Cotton Global Group for the design, manufacture, and distribution of Lotto’s lifestyle apparel line across the U.S. and Canada.
Lotto
Under the agreement, the first collection will include the Starting 11—tees, hoodies, track jackets, joggers, shorts, and other streetwear items that reimagine the Italian sporting brand’s football heritage through “premium fabrics, modern fits, and the signature double-diamond,” according to a press release.
“Lotto has been a beloved brand in the world of soccer for more than 50 years, and its return to the North American lifestyle market comes at a moment when soccer-inspired fashion is driving culture — especially as excitement builds toward the 2026 World Cup,” said Margaret Kivett, EVP of athletic vertical at WHP Global, which acquired Lotto in 2021.
“Pure Cotton Global Group brings outstanding manufacturing expertise and retail vision, and we’re excited to build a strong platform together for Lotto’s growth in the fashion sector throughout the U.S. and Canada.”
The first drop is available now via Lotto’s online store, with further expansion planned for 2026 across specialty, sporting goods, and department store partners.
“We are excited to partner with the WHP Global team to bring back such an iconic sports brand rooted in unforgettable moments in both soccer and tennis,” said Paula Brunson, president & CEO of Pure Cotton Global Group, whose portfolio includes Dirt., Inimigo, and Little Lucille.
“We look forward to reconnecting Lotto with North American consumers who value quality, heritage, and a brand with a meaningful cultural connection.”
Earlier this year, Lotto signed its first-ever U.S. name, image, and likeness (NIL) partnership with rising soccer star Loradana Paletta.
Poshmark on Tuesday announced the appointment of Elizabeth von der Goltz as its first chief revenue officer, as the resale platform looks to bolster its C-suite and drive organisational growth with the luxury veteran.
Matches Fashion
Joining Poshmark in January, Von der Goltz will oversee all commercial and marketing functions—including merchandising and sourcing, partnerships, customer acquisition and growth, brand and creative, and communications and social media. She will also “unite creative direction with commercial strategy into a cohesive revenue engine,” according to a press release from the U.S. firm.
“Elizabeth’s appointment marks a milestone moment for us,” said Namsun Kim, chief executive officer of Poshmark.
“We’ve always been a product and tech company at heart, but our next phase envisions pairing that DNA with commercial precision, creativity and brand strength. Elizabeth brings the rare combination of luxury fashion, digital retail strategy, and global merchandising and operational expertise. She is truly unique in her vision for channeling merchandising strategy into brand identity and translating brand equity into measurable growth and customer advocacy.”
With more than two decades of global experience in fashion, luxury, and e-commerce, Von der Goltz’s most recent roles include chief commercial officer at Matches Fashion; chief executive officer at Browns, and chief fashion and merchandising officer at Farfetch.
Earlier in her career, Von der Goltz held senior leadership roles at Bergdorf Goodman, before later serving as global buying director for Net-a-Porter.
“Throughout my career—from best-in-class brick-and-mortar to global e-commerce and luxury marketplaces—I’ve always focused on one question: what’s next for the consumer? As the industry evolves, the future is taking shape in social commerce, peer-to-peer connection, and circular fashion, and I’m thrilled to join Poshmark at this pivotal moment,” said Von der Goltz.
“The opportunity to merge world-class product and technology with strategic merchandising and brand creation is incredibly powerful. Resale and vintage have already become a mainstream part of shoppers’ closets and represent a structural shift in retail consumption. It’s an honor to join the leading fashion resale marketplace and its iconic community as chief revenue officer to help shape the next era of how people discover, buy, and sell fashion.”
The appointment of a chief revenue officer at Poshmark signals a shifting from a “purely product- and technology-led model to a more integrated and creative retail experience,” the company added.
With three days to go before a crucial deadline for BHV, Paris City Hall on Tuesday signalled its interest in the department store’s building, intensifying pressure on its boss, who is embroiled in the Shein controversy, as well as employees’ “uncertainty” about their future.
(AFP – Thibaud MORITZ)
“At a time when the situation at BHV is causing very serious concern for jobs and for the future of central Paris, I wanted the city to equip itself to act pre-emptively,” declared Socialist mayor Anne Hidalgo at the Paris Council, which is due to adopt a motion to this effect.
If the owner of BHV were to “vacate the premises”, the city would “explore all options to put itself in a position to acquire the building in order to safeguard commercial activity and jobs, while enabling the development of a mixed-use scheme also including social and affordable housing”, the executive’s motion states.
The Société des Grands Magasins (SGM), which has owned the Bazar de l’Hôtel de Ville (BHV) retail business since 2023, also wants to buy the building from the Galeries Lafayette group, as the two parties are bound by a sale agreement that expires on Friday. However, SGM co-founder Frédéric Merlin caused an uproar in early October by announcing the opening, within BHV, of the first physical Shein store, an Asian ultra-fast-fashion brand accused of numerous ills such as unfair competition, and pollution.
“Investment funds”
The Banque des Territoires, an entity of the Caisse des Dépôts (CDC), has withdrawn from negotiations begun in June with SGM to help it purchase the building, citing “a breakdown of trust.”
Numerous brands including Dior, Sandro, and Guerlain have also left BHV in recent months, due to mounting unpaid bills or opposition to Shein.
All of which further complicates the task of Merlin, who is supposed to have completed his funding round on December 19.
“On that date, exclusivity lapses and we reserve the right to explore all the options open to us,” a Galeries Lafayette spokeswoman told AFP.
Refusing to see its name associated with Shein, the group has also terminated its contract with SGM covering seven provincial stores – rebranded BHV. For its part, SGM says the project is “moving forward” and “should be finalised in the coming days or weeks.”
Appearing before the National Assembly at the end of November, Merlin referred to “extremely precise discussions” with foreign, non-Chinese “investment funds.”
Against this backdrop, Nicolas Bonnet-Oulaldj, the deputy mayor responsible for commerce, told AFP that City Hall was ready to “step in” from Friday.
300 million euros
Given the amount involved – 300 million euros, according to him – the city would not buy on its own but via, for example, a semi-public company with private shareholders, says Bonnet-Oulaldj, who would like to make it “a showcase for brands made in Paris and in France, and for young designers.”
Building housing would require a modification of the PLU (local urban plan), as the plot is “classified as a department store.”
This “announcement adds further uncertainty to the future of BHV”, which directly employs some 750 staff, its inter-union alliance responded, asking “to be received as soon as possible by Paris City Hall.”
“The future of BHV depends not only on the finalisation of the acquisition of the building” but also “on the continuity of commercial operations”, it warned, expressing alarm at the “dire situation” of the store, where Shein sales are “nowhere near making up for the shortfall across the rest of the store.”
Hidalgo’s surprise announcement drew criticism from the right. Aurélien Véron (LR), spokesman for Rachida Dati’s group on the Paris Council, condemned it as an “improvised PR stunt”, three months ahead of the municipal elections.
Recently, Merlin set out his plans in LSA magazine, including a new payment system for suppliers. But “nobody believes it”, scoffed Guillaume Nusse, CEO of Clairefontaine-Rhodia, which pulled out of BHV over “unpaid bills and broken promises,” speaking to AFP.
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Politics8 years ago